HUD Investigates Wells Fargo's Efforts to Expand Black Homeownership

The Department of Housing and Urban Development is investigating Wells Fargo's initiatives to expand Black homeownership. HUD Secretary Scott Turner said lending decisions based on race may violate the Fair Housing Act, though no violation has been established. In 2017, Wells Fargo pledged $60 billion in mortgage lending to help create at least 250,000 Black homeowners by 2027. The National Fair Housing Alliance argues that federal law permits special-purpose credit programs and warns the investigation could discourage lenders from supporting underserved communities.

Subscribe to our newsletter to stay informed with the latest news from a leading Black-owned & controlled media company: https://aurn.com/newsletter

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.